States beat Centre in ensuring GST returns compliance
Business | October 22, 2019 18:51 ISTA Finance Ministry review of compliance behaviour of GST assessees has shown states outperforming the Centre.
A Finance Ministry review of compliance behaviour of GST assessees has shown states outperforming the Centre.
GST Network (GSTN) will release improved version of GST return filing interface on October 22 with an aim to further simplify the process. "Many of the suggestions were incorporated in version 2 which is in place right now. Version 3 is going to come on October 22 of this month," GST Network CEO Prakash Kumar said at a seminar organised by IIT Delhi Alumni Association here.
Conceding that GST may have some flaws in its present form, finance minister Nirmala Sitharaman on Friday asked tax professionals not to curse it and sought their help to make it better.
CPI general secretary D Raja on Friday wrote to Finance Minister Nirmala Sitharaman urging her to reconsider the 18 per cent GST on the annual Group Health Insurance Policy of retired bank employees.
The preventive wing of the Central Goods and Services Tax (CGST), Pune, claimed that two city-based firms allegedly indulging in this malpractice were busted.
A GST evasion to the tune of Rs 1.5 crore by a Kanpur-based pan masala company, A J Sugandhi Pvt Ltd, was detected by officials during search operations.
The Goods and Services Tax Council chaired by Union Finance Minister Nirmala Sitharaman on Friday took an in-principle decision to link Aadhaar with registration of taxpayers under the GST and examine the possibility of making Aadhaar mandatory for claiming refunds.
The Finance Minister Nirmala Sitharaman had addressed a press conference in Panaji, Goa. The Finance Minister and several State Finance Ministers have gathered in Panaji to take part in the Goods and Services Tax Council Meet.
The government has decided to expand the scope of expenditure of profits by 2 per cent on Corporate Social Responsibility (CSR) on Friday. This will allow easy expense on incubators or research grants to various institutes which are engaged in promoting scientific research.
The automobile industry, which saw the steepest volume plunge in August in nearly two decades, has long been demanding lowering of GST on automobiles to 18 percent from the present 28 percent to boost demand.
Hero MotoCorp on Thursday urged the government to consider a phase-wise reduction in GST on automobiles, cutting rates for two-wheelers in the first stage and deferring tax cut on four-wheelers to a later stage.
Aadhaar user alert: The authentication or physical verification of the unique identification number (Aadhaar) has been made mandatory for new dealers to curb malpractices in paying Goods and Services Tax. According to reports, the GST Network on Saturday decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 2020 to check malpractices in Goods and Services Tax.
The GSTN also decided the much simplified new return system may be launched on January 1, 2020, the Bihar Deputy chief minister said.
This was the biggest-ever joint operation by the two premier intelligence agencies of the Central Board of Indirect Taxes and Customs (CBIC), officials said.
The Road Transport and Highways Minister also said a scrappage policy, which also includes two-wheelers, is in the works and will be launched soon.
Amid clamour from the auto industry for a GST rate cut, Minister of State for Finance Anurag Thakur on Friday asked players in the sector to also take up the matter with state finance ministers who are part of the GST Council, and assured all support from the Centre.
"We must endeavour to make this refund drive a grand success," CBIC Chairman Pranab K. Das wrote to tax officers across the country.
Gross revenue collections from the Goods and Services Tax (GST) in July stood at Rs 1.02 lakh crore.
With two children and his wife to support, the 35-year-old diamond artisan is clueless about his sustenance and has been on a job search for two months. He lost his job after serving for six years at a diamond factory, which now he doesn't want to name, saying it will bring bad luck.
He allegedly availed wrong Input Tax Credit of Rs 24.55 crore on the basis of bogus invoices for Rs 136.38 crore without the actual supply of goods, the official said.
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